Fodelia (FODELIA) Q4 2022 earnings summary

Executive summary

• FY22 revenue rose 23.0% to €41.6m, while higher costs driven by exceptional inflation weakened profitability; operating profit fell 19.5% to €1.1m and net income was €8k.

• Growth reflected a stronger Foodservice market and business wins; strategic actions included adding Marjavasu, consolidating consumer operations and expanding foodservice outsourcing through Fodbar.

Financial highlights

• Revenue was €41.621m, up 23.0% YoY; EBITDA was €2.870m, up 10.4%, while operating profit was €1.107m, down 19.5%.

• Net income was €8k versus €653k in 2021; EPS was €0.00 versus €0.09.

• Average headcount increased 7.2% to 134; total assets rose 5.6% to €27.548m.

Outlook and guidance

• FY23 revenue guidance is €45–52m; operating margin is expected to increase YoY.

• Long-term targets include €100m revenue by 2026, average operating margin of 8–10%, ROIC above 10%, and interest-bearing debt/EBITDA of 3.

• Feelia Ruokakauppa ready meals launched in grocery stores at the start of 2023; Fodbar service contracts were starting at multiple new locations.